New research has identified properties for sale at prices that have fallen faster than crashing cyrptocurrency Bitcoin - including homes Cornwall.

While some would claim the properties were over-priced to begin with, experts say a market cool-down is to blame - with Brexit uncertainty being one factor.

The study, conducted by a home moving firm, notes that Bitcoin has plummeted 65% in value in the past 12 months, with the price cooling down by 40% since the summer heatwave of 2018. It says that "demand in the property market also has a winter chill, with prices falling as Brexit uncertainty deters buyers".

A spokesperson for www.anyvan.com said: "The latest property insight from our team shows huge values being wiped off house prices across the UK. London is the area most obviously affected, most notably prime central London. The research highlighted a number of properties which have seen their values crash by half within two months, more than the well-documented fall in the cryptocurrency value."

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However, the study highlights two properties in Cornwall - a 16 bedroom bungalow in Camelford, and a 3 bed bungalow in Gunnislake - which have had their asking prices slashed by up to 40 % in recent months.

The highlighted price drops (Image: AnyVan)

The sprawling Camleford property, a Grade II Listed property described as needing "full restoration", has seen a huge £150,000 knocked of its asking price, which has dropped to £225,000 from £375,000, since being listed in the in June 2018.

The property boasts an outdoor pool, and agents say: "This extremely versatile property retains a wealth of character features and is already loosely arranged as apartments and former offices, offers tremendous potential subject to any requisite consents for the creation of further units of accommodation utilising the existing access points, a bed and breakfast type venture, or for reinstatement into a truly enviable family home."

The 16 bedroom bungalow in Camelford (Image: Zoopla)

As for the Gunnislake bungalow, it has seen a £90,0000 reduction from its original asking price of £235,000 in August 2018 - and is now being marketed for £145,000.

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Agents say: "Whilst requiring some updating the accommodation is spacious with a good sized living room, three bedrooms (one currently used as a dining room) and a kitchen/breakfast room. The property benefits from gas fired central heating, PVCu double glazing and a burglar alarm system. Externally there are elevated gardens to the rear enjoying views, further garden to the front laid to lawn with a sun terrace."

The Gunnislake home (Image: Zoopla)

Moving expert Angus Elphinstone, CEO of AnyVan.com commented “Our latest research shows just how bad the property market currently is for some. Unable to sell their home to move, they’re forced to dramatically drop their price to attract hard to find buyers. The last year was certainly a brutal year for the majority of Bitcoin investors, but it’s frightening to see the value of peoples homes fall by such levels in a quick period.“

Earlier this month, the Royal Institute of Chartered Surveyors (RICS) said the the South West housing market "ended 2018 on a weak note with uncertainty still biting, alongside continuing lack of stock and affordability issues."RICA said, over the the next three months, sales expectations are now either flat or negative across all parts of the UK.

"This decline in demand from buyers matched the deterioration in new instructions, which have now remained in negative territory for the last six months," said a spokesperson from RICA.

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"Given this, it is little surprise that stock levels on estate agents books remain close to record lows, currently standing at an average of just 45 properties per branch in the South West."

Simon Rubinsohn, RICS Chief Economist, said: “It is hardly a surprise with ongoing uncertainty about the path to Brexit dominating the news agenda, that even allowing for the normal patterns around the Christmas holidays, buyer interest in purchasing property in December was subdued. This is also very clearly reflected in a worsening trend in near term sales expectations. Looking a little further out, there is some comfort provided by the suggestion that transactions nationally should stabilise as some of the fog lifts, but that moment feels a way off for many respondents to the survey.

“Meanwhile it is hard to see developers stepping up the supply pipeline in this environment. Getting to the government’s 300,000 building target was never going to be easy but pushing up to anywhere near this figure will require significantly greater input from other delivery channels including local authorities taking advantage of their new-found freedom.”

Paul Telford, Director of home seller empowerment platform, OkayLah, commented:“It’s important to take the latest findings from the RICS with a pinch of salt as while they represent a small proportion of UK surveyors and agents, the top line figures fail to account for regionality and the stronger sentiment in these more stable markets.

"Of course, Brexit continues to overshadow the nation and the market will suffer a slowdown in activity from this uncertainty, but I think what we are seeing amongst RICS members is a fear of the unknown and to coin this as the worst market conditions in twenty years is quite frankly ludicrous.

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"Perhaps the member agents from the RICS are looking to scaremonger UK home sellers into holding off on a sale until the rate of price growth picks back up and they can secure a higher commission fee?

"Although muted, transaction levels remain steady, mortgage affordability remains high and prices are up on this time last year. So for those committed to a sale, there is an appetite out there and deterring them with further gloom and doom tactics is really the last thing the market needs.”

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